Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

July Produces Strong Result for Auckland Property

July Produces Strong Result for Auckland Property Market

The Auckland property market has produced a strong result in what is traditionally a quiet time of the year for residential sales, with good volumes and prices against a backdrop of a looming listings shortage.

The latest figures from Auckland real estate leader Barfoot & Thompson show that July proved to be a very positive month for property sales in Greater Auckland. There were more than 1,000 individual transactions, which was 13 percent ahead of the same time last year.

Barfoot & Thompson Director Peter Thompson says it’s no surprise that the generally positive market conditions flowed through into the prices that were achieved. “The average sale price for July was up significantly on both May and June.”

The July average price was $457,530 compared to $443,286 in June and $427,299 in May.

Mr Thompson says, “The latest figures show there is still plenty of interest and activity in Auckland property even through the winter months. But one of the key factors driving prices at the moment is a shortage of listings.”

Barfoot & Thompson had 4,300 properties on its books at the close of July. The last time the company’s stock levels were consistently this low was back in 2003 when the market was at the height of its buoyant phase.

Mr Thompson says, “Potential vendors may have been put off by some of the recent negative comments about the property market, or they may have decided to sit it out until after the election. The reality is that good prices are being achieved in the market right now because there are plenty of potential buyers who don’t have a lot to choose from.”

In the rental market, the July result was consistent with the clear trend towards lower rental prices this year. The July average weekly rent was $332, down from $336 in June, and has remained below $340 for the past three months. 640 houses and units were let during the month.

Barfoot & Thompson knows Auckland best. It is the city’s leading real estate company, selling around one in three Auckland residential homes, significantly ahead of all other competitor brands.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>